News stories from Tuesday August 22, 1972

Summaries of the stories the major media outlets considered to be of particular importance on this date:

President Nixon arrived in Miami for his renomination as President at the Republican national convention. Conservatives and smaller states won a floor fight over the apportionment of delegates to the 1976 convention as passed by the rules committee. Wisconsin delegate Rep. William Steiger argued for a compromise plank granting liberals and urban states more power; rules committee chairman William Cramer defended the majority formula. Convention chairman Rep. Gerald Ford announced the vote against the Steiger amendment. [CBS] The Republican national convention approved the party platform supporting President Nixon on Vietnam, opposing amnesty for draft dodgers, and denouncing busing. Peter McDonald, Arizona delegate and chairman of the Navajo nation, proposed a stronger plank on Indian rights, which was adopted. [CBS] The President received a warm welcome in Miami as he emerged from his "Spirit of '76" jet. Delegates watched his arrival on screens in the convention hall, but didn't hear his remarks. Nixon's family and carefully-selected young Nixon supporters greeted the President as the crowd chanted "four more years". Nixon said he thinks he will be nominated, as will Vice President Agnew, and he praised his young supporters. The President will spend time at Key Biscayne before his acceptance speech. [CBS] 200 protesters were arrested outside the convention hall today. Demonstrators marched through Miami Beach, smashing windows and looting merchandise, then arrived at convention hall and blocked the main gate, keeping delegates out. A group of "Zippies" and other Flamingo Park people are working outside of the main protest coalition, which is pledged to non-violence. 31 state police cars formed a barricade and encircled the protesters. Members of Vietnam Veterans Against the War were kept from passing in front of the hall; a peaceful mass arrest followed. [CBS] Rep. Pete McCloskey held a news conference with Daniel Ellsberg, who disclosed the "Pentagon Papers". Ellsberg said that when President Nixon took office he threatened to escalate the Vietnam war unless North Vietnam and the Soviet Union moved to end it. Ellsberg claims to have learned of that development through Henry Kissinger. [CBS] The cost of living up was 0.4% in July due to rising food prices. Average weekly earnings, however, were up 0.8%. [CBS] The baking industry warned that the price of bread may increase 2 to 3 cents per loaf. Wheat sales to the Soviet Union are helping to raise the price of flour. [CBS] Bacon buyers have complained about packages which show the meaty part of bacon and hide the fat. The Department of Agriculture will require that packages show 70% of a representative bacon strip. [CBS] Former President Lyndon Johnson hosted Democratic presidential and vice-presidential nominees George McGovern and Sargent Shriver for lunch in Austin, Texas. The meeting was private, with no reporters present. McGovern said that the discussion regarding Vietnam was not in-depth and he related Johnson's advice about fence-mending to bring about unity within the party. [CBS] The Washington Post and Los Angeles Times both reported that auditors in the General Accounting Office have discovered that President Nixon's campaign fundraisers violated the new law requiring disclosure of contributions and expenditures. Some Republican campaign funds have been found in the bank account of a Watergate bugging suspect. [CBS] The 17th game of the world chess tournament in Iceland between Boris Spassky and Bobby Fischer adjourned. Fischer complained about noise; Spassky protested the possible use of electronic and chemical devices to upset his game, and he demanded that the tournament hall be examined. [CBS] The International Olympic Committee, faced with the threat of a boycott by black athletes, ousted Rhodesia from competition. IOC president Avery Brundage announced the committee's vote to withdraw its invitation to the Rhodesian team. Rhodesians are angry; representatives of Nigeria, Ghana, Kenya and Uganda are jubilant. American black athletes had pledged to walk out along with the Africans. [CBS] American B-52's bombed suspected enemy positions in the Que Son Valley as South Vietnamese troops tried to thwart the new Communist offensive on Danang. Fighting continues at Quang Tri. [CBS] In Newry, Northern Ireland, eight people were killed in a bombing at a customs building. [CBS] President Idi Amin of Uganda modified his decision to expel all Asians from the nation; those who are Ugandan citizens may stay. [CBS] The well-ordered Republican convention is moving in orderly steps toward tomorrow's climax. The argument over apportioning delegates for 1976 reflects the party's struggle between progressives and conservatives. President Nixon's views are reflected in the party platform. The sharpest turnaround pertains to organized labor, as traditional Republican support of anti-union "right-to-work" laws has been dropped to win labor's support. [CBS] The Republicans, not to be outdone by Democrats, are also emphasizing youth at their convention. The "YVP's" (Young Voters for President) greeted Mrs. Nixon when she arrived in Miami; the media accused them of being rehearsed. The YVP's objected to the charge, claiming that their actions were spontaneous. [CBS]

Stock Market Report

Dow Jones Industrial Average: 973.51 (+6.32, +0.65%)
S&P Composite: 112.41 (+0.69, +0.62%)
Arms Index: 0.61

	Issues	Volume*
Advances	894	12.22
Declines	572	4.80
Unchanged	317	1.54
Total Volume		18.56

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
August 21, 1972	967.19	111.72	14.29
August 18, 1972	965.83	111.76	16.15
August 17, 1972	961.39	111.34	14.36
August 16, 1972	964.25	111.66	14.95
August 15, 1972	969.97	112.06	16.67
August 14, 1972	973.51	112.55	18.87
August 11, 1972	964.18	111.95	16.57
August 10, 1972	952.89	111.05	15.26
August 9, 1972	951.16	110.86	15.73
August 8, 1972	952.44	110.69	14.55